USA Mega

Kentucky Mega Millions Jackpot Annuity Payout Schedule for Jan 31, 2023

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The tax information provided here is based on 2022 federal marginal rates and state tax rates.  It shows the final federal and state tax burdens each year, not the amount initially withheld by the lottery.

The Mega Millions annuity jackpot is awarded according to an annually-increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $31,000,000 for a ticket purchased in Kentucky, including taxes withheld.

Please note, the amounts shown are very close approximations to the amount a jackpot annuity winner would receive from the lottery every year.  They are not intended to specify the exact final tax burden, which may vary depending on how the winner chooses to invest or dispense their prize money, as well as deductions claimed.

State:

Kentucky

Drawing Date:Tue, Jan 31, 2023
Jackpot:$31,000,000
Federal Tax:37% marginal rate
State Tax: 4.5%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$466,594$137,061$20,997$308,537
2$489,924$145,226$22,047$322,651
3$514,420$153,800$23,149$337,471
4$540,141$162,807$24,306$353,028
5$567,149$172,800$25,522$368,827
6$595,506$183,292$26,798$385,416
7$625,281$194,309$28,138$402,835
8$656,545$205,877$29,545$421,124
9$689,373$218,023$31,022$440,328
10$723,841$230,776$32,573$460,492
11$760,033$244,167$34,201$481,664
12$798,035$258,228$35,912$503,895
13$837,937$272,992$37,707$527,238
14$879,834$288,493$39,593$551,748
15$923,825$304,770$41,572$577,483
16$970,016$321,861$43,651$604,505
17$1,018,517$339,806$45,833$632,878
18$1,069,443$358,649$48,125$662,669
19$1,122,915$378,434$50,531$693,950
20$1,179,061$399,208$53,058$726,796
21$1,238,014$421,020$55,711$761,283
22$1,299,915$443,923$58,496$797,495
23$1,364,911$467,972$61,421$835,518
24$1,433,156$493,223$64,492$875,441
25$1,504,814$519,736$67,717$917,361
26$1,580,055$547,575$71,102$961,377
27$1,659,057$576,806$74,658$1,007,594
28$1,742,010$607,499$78,390$1,056,121
29$1,829,111$639,726$82,310$1,107,075
30$1,920,566$673,564$86,425$1,160,576
Total$31,000,000$10,361,623$1,395,002$19,243,376

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Note: The Net Payment total above may be a few dollars off from the total after-tax annuity amount shown on the Jackpot Analysis page because the Jackpot Analysis page shows an average annual payment, whereas we calculate an exact payment here.